Help Could Be on the Way for Seniors With Skyrocketing Property Taxes

By:Ashli Molina | February 6, 2015

Finally, there’s good news for seniors who own their own homes and want to stay in JP. On Tuesday, Mayor Marty Walsh signed a “home rule petition” to give tax deferrals to long-term home owners. It could be part of a solution for some in the battle against rising property costs.

So how does this affect qualifying residents of JP? Well, if passed in the state legislature, qualifying long-term homeowners will be able to more easily afford remaining in their homes by deferring property taxes. The taxes will be postponed to a later date: until the home is for sale, the homeowner moves or until the death of the owner. And at the time of payment a 4 percent annual interest rate will kick in.

City Council President Bill Linehan, the District 2 representative who proposed the program along with At-Large Councilor Stephen Murphy, said that it will aid those who are “land rich but cash poor.”

The councilors will work with the state legislature on getting tax deferral passed and bringing it back home.

“Residents should know that they have options in the face of rising property taxes,” said Walsh in a statement.

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We've heard from Jamaica Plain real estate agents about what they're seeing in the local market -- now they'll share what people have been saying to them and offer their personal and professional advice to buyers and sellers. This is the fourth (and last) article in our series about Jamaica Plain's real estate market.

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